Rainbow Rare Earths losses deepen amid Burundi project delays

StockMarketWire.com - Rainbow Rare Earths posted a deeper first-half loss amid a slower-than-expected production ramp up at its Gakara project in Burundi.

Pre-tax losses for the six months through December amounted to $3.1m, compare to losses of $1.1m on-year.

'Rainbow's near-term priorities during calendar 2019 are to bring four mining areas into production, thereby reaching cashflow breakeven levels of production of around 250 tonnes of concentrate per month in the second half of the year,' chief executive Martin Eales said.

'Thereafter, production increases will be targeted from the development and exploitation of the numerous additional areas across the mining licence.'

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